Looking at US QE announcments, each one was a sell the news. Although QE 2 rallied for a few days into resistance then sold off back to QE announcement lows and QE 3 went sideways for 3 weeks before selling off into current lows. QE 1 and Operation Twist both made announcment highs and sold off breaking announcment lows. With gold rallying in anticipation of the ECB announcing their version of QE I would think history could repeat. This rally imho is buy the rumor and once the news comes out it could be a sell the news?